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.4% in the second quarter. there's a surprise 2.2% jump in inflation. >> hsbc is to post a jump. >> u.s. investors are looking ahead to a busy week. >>> okay. so welcome to the first trading day of the week. we're weighted to the upside one hour in the trading session for europe. after of course big rallies on the last few trading sessions of last week. the ftse 100 down half percent last week but up 2% the last three trading days. up 4.68% in the last three trading days. ftse 100 up. dax up two-thirds. the ibex today up another 1.75%. italy has got an auction out this morning. the auction focusing on -- i was going to show you three. but we got five and ten years very much in auction as well. 5.97% is where the ten year is trading. auction last month, the yield was 6.19%, lower today. the italian five year trading 5.28 at auction last month they hit 5 policy 84. auctioning up to 5.5 billion. yields in spain remain at 6.649%. hundred basis points lower. ten year bunds up to 1.4%. treasuries hit a record low. big week with the fed and employment report and of course the ecb, bank of england as well
in the foreseeable future. >> all right. stephane, thanks for that. joining us now for the first half of today's program, will oswald. thanks for joining us. how quickly is this unraveling? what's the next stage of this story? >> one of the things that we've been talking about for really some time now is that globally we're talking about something that looks a bit like a deleveraging black hole. what we mean by that you got across multiple different economies both in the private and public sector you got very large amount of debt levels that you need to bring down but of course over multiple years. this idea that we can get some quick adjustment, we have the process that goes through, everything is moving forward isn't going to happen. so when we look at a country like spain, if we look at it on a standalone basis, what can we do, looking at it in isolationist is the wrong way. spain is not sustainable. this is a workout process on a multiyear horizon. what provides you to step over "from the edge" is support whether it comes from the troika, they are going to greece this week, the ecb steppin
european blue chips including novartis. >>> positive earnings outlooks from u.s. tech giants ibm, e-bay and qualcomm. >>> smartphone tablet marketers power the world's big jegest ch makers. >> media reports say credit deutsche bank and hsbc are being investigated over alleged libor actions. >>> okay. so another show is under way this morning. >> you already had quite a busy day. >> kind of fascinating to me that this new launch of an exchange in london, in new york you had nyse and london will have more direct competition. >> what they will do, they will get companies that are already listed in europe and get them to come. >> easier to do it that way. >> so they get another pool of investors. something big has already start this morning. >> what do you mean? >> the opening championship. >> with golf. okay. >> under way. tiger tees off in 40 minutes. >> we'll bring that to you live. >> the lower house of parliament is due to vote on the spanish bailout. >> chinese banks boost lending in july. they plan to subsidize overseas development. we will find out where the money is flowing. >>
have the composite euro zone out for us. on the urow zone p mi, 47.6. it was 47.2 was the full cost, and then slightly better than we thought on that. the july manufacturing was 44.1. that was 45.3 was the forecast. so the new orders, 42.9, that's weaker than 43.5 in july. the flash composite pmi is 46.4 and the manufacturing component dragging that down versus the 46.5 we might have expected and 46.4 in june. so up matching the june level. joining us in the studio is chris williamson, chief economist at market which helped to compile the data. thanks for joining us. let's kick it off with the german number there, because that's weaker aacross the board than we might have thought, and the new orders contracted for the third month in a row. no signs of any stabilization in a contractionary levels. >> indeed the contraction is getting more severe. that's the key to all surveys out this morning. that german number is coming down. there's some blurring of the data by what's going on in france at the moment. the only area that we saw across the euro zone that saw any sort of improvement
romney's running mate. we'll get the latest from u.s. campaign trail. >>> buy whatever the fed buys, whatever that might be as we chief to fixed income strategy at wells fargo advisers at 11:15 cmt. >>> shares in credit suisse are trading higher after they boost by 15 million francs. and carolyn is with us, she's on set. >> it would be handy if you were in zurich today. >> it would have been handy but you never know when the companies prerelease. credit suisse was slated to report those earnings next thursday. today because of what it is trying to do, it's trying to dispel downs about its capital levels. let me give you a little background because last month credit suisse bank came out in national stability report and criticized credit suisse about feeble capital levels saying it needs to raise capital levels. we saw shares trading at a 20-year low. we saw significant declines there. and credit suisse over the coming weeks has been trying to reassure investors about its capital levels came out with a statement saying second quarter was profitable. today, we've got that prerelease as
to release more key data including june figures tomorrow and second quarter gdp figures on friday. joining us now nor is associate director at taiji. walk us your biggest concern. >> clearly it's the eurozone and the united states, but just briefly on china you mentioned that the inflation data there was relatively slow. not necessarily. inflation itself, inflation or deflation doesn't really show necessarily how much the economy is growing or contracting. i mean certainly we know anyway that the purchasing managers index has been or producing price index as been going better. in part that's due to a drop in commodity prices so doesn't necessarily show you that the economy itself is slowing that much. in manufacturing as we know the figures for june were just about 50% but still that's not contracting either. in the u.s. who can be surprised that there's some issue with manufacturing growth, there's a lot of going to europe and united states. in june the service sector numbers, they were very strong and in fact you had the number coming in at 67.7, fastest growth in three months and 43% of th
numbers from tata consultancy services. the ceo will tell us how his company is managing under tough economic conditions. >>> we'll get goldman sachs' view on how the olympics will boost the uk economy. >>> and we'll speak to the ceo of monix to find out how much the percentage of u.s. investors investing in asia has declined. the answer to that question and more in just under an hour. >>> and we'll speak to a banking analyst in new york to preview, of course, those jpmorgan numbers. he says the stock is a buy at this level and expects today's report to provide closure and stability for the bank. >>> well, the world's second largest economy has grown at its slowest pace in three years. china's second quarter gdp rose 7.6% hurt by weak real estate investments and falling demand at home and abroad. retail sales and factory output growth also slowed in june. markets, though, rose on the back of the data as investors were relieved the figure wasn't worse than expected. joining us now is our guest host for the hour, jeff lewis, global market strategist at j pchpmorg asset management and a
. plenty coming up as we move throughout the next couple of hours. we're pleased you've come to yoin us to run through this journey we are about to embark upon. i'm getting a bit overexcited. >>> still to come on today's show, as i try to calm down a little bit, we'll be speaking to senior strategist between the relationship between australia and china and what it means for the aussie/dollar, what he think investors should expect in terms of further losses. >>> we'll preview the interest rate decision due in brazil as policy makers are expected to slash rates there to a record low. >>> indonesia is only one of the rapidly growing markets that one of our upcoming guests says will be the engines of global growth next year. find out which other countries she says fit the bill at 10:45 cet. >>> 11:35, 5:30 a.m. eastern, we'll head out to dallas to find out one why money manager is telling investors to look at distressed assets in u.s. as opposed to europe snooze the spanish prime minister has unveiled further austerity measures after warning growth will be close to zero in 2013. rajoy says
of interest. >> we'll see why japanese auto earnings are getting back on track. >> the cf buy join us first on cnbc after lifting guidance for the year. >> we're joined by guests at 11:30 european time. he says it could spike above 30 and hit 40. >> a set of disappointing results for two of europe's biggest banks this morning. the second kquarter profit was halved and ups numbers hit by a big drop in trading revenue and a significant loss on facebook's controversial ipo. carolyn, let's catch up with you, first of all. it's amazing how one flirtation can have so much of an impact. >> yeah, but, russ, that's only part of the story. let me run you through the numbers. you can't really sugar coat is because these numbers were much worse than expected, specifically in the investment banking unit which had a surprised pretax loss of 130 million swiss fra francs. it was the slump in trading revenues, and the fallout from the disastrous facebook ipo for which it is incurring a $350 million loss. ubs told us this morning it will take appropriate legal action against the action in dak for the, quote
in british banking, which is what the british public want to see. >> joining us is bank equity researcher at lie brum capital and the guest host for the hour. vice president of wells management, singapore for ocbc bank. core mack, first to you, this decision a surprise? >> not really actually. there was a story in the ft overnight saying that bob diamond was threatening to reveal embarrassing details and if he was pushed. when things descend to those levels, it's inevitable that the ceo is on the way out. >>> is this story about the bba, the bank of england and those -- >> my cynical view is that he's being used as a scapegoat. if you tried to settle the issue over the last five or seven years, which is the time in which to some extent the distortions were occurring, you would start to have systemically claims. given we're in a economic slowdown, there's a reason for regulators to turn barclay's and mr. diamond into a scapegoat and hopefully the lybor issue you will die away. >> look, it was four years ago that they brought the issue to light with regulators. it's been going on for quite
to the week yesterday, with the retail sales from the u.s., we have a full agenda today. inflation. >> a lot of chatter. >> a lot of libor, more data, bernanke. >> maybe this will excite is market a little bit. we had our seven down monday in a row which tells you more about the market than mondays. >> it's like that song. why i don't have mondays. >> i have to do googling. >> it's an old one. let me remind you what's on the slate. coming up will be questions about libor and the bank's stability report. eclipsed by the rate fixing scandal. turner told lawmakers that investigations into other bank are ongoing subsequent to barclays admission of rate manipulation. >> events over the years was giving us an impression, as we said in my letter about a pattern of behavior which we felt precisely in gaming the system. >> also appearing before uk lawmakers yesterday the former chief operating officer of barclays insisted he's not the fall guy in the libor fixing scandal. he said end he was acting under orders from ceo bob diamond after discussions with the bank of england. >> let's go back to this t
to continue. >> we go to washington, d.c. for a preview of u.s. gdp. how much will growth have slowed in the three months from june after first quarter. >> facebook fails to impress wall street. >> did i not ahead of facebook float. >> you were very skeptical. >> that was on record. >> that was on record. we have to go back and show people your level of skepticism. >> i'm just saying that. >> duly noted. a lot of people were excited. >> unemployment in spain has risen to the highest level since current records began. the jobless hit 24.6% in the second quarter and it's the worse reading since the spain returned to democracy. stephane is in madrid. we'll be with caroline in one second. these figures came in a touch better but the country's economic situation continues to deteriorate? >> reporter: a bit better than expected. it's not as worse as we feared. 4.6%, up from 24.4% at the end of march. below the average forecast of 24.85%. that was the forecast at reuters. second quarter is usually good for spain because of seasonal jobs. this year it did manage to upset the negative trend of
that iranian oil output is falling in june to near 22 year lows as well. bringing back info use supply disruption that they are pointing out. let's just get a comment here from the head of research at orient financial markets. thanks for coming along. the iaea talking about oil demand. we get a read through sort of the global economic picture as well, talking about this muted recovery in global economies in 2013 and a very small increase in oil demand from 2012 into 2013. does that square with your global view of how the economies are likely to recover? >> yes, pretty much. i think what we've seen from china, what we saw korea today in terms of rate cuts, the japanese are holding steady because they already are at zero rates and not a whole lot more to do but the central banks certainly tend to agree with the assumption about the global slow down and it's inevitable under those circumstances that oil demand will go down. certainly from our part of the world here, there's no question that the amount of oil that we expect to be consuming for the remainder of this year and 2013 is not goi
. >> alcoa begins earnings season in the u.s. with a mixed set of results as the company posts a net loss. they say it expects a rebound in aluminum prices. >> falling domestic demand pushing down china imports while higher exports help the country's trade surplus. >> plus marcus aegis will testify about libor one day after paul tucker comes under fire. >> any other government minister? >> no. >> it almost worked out okay. we're back for day two. >> back by popular demand. >> parental support has been amazing. thrilled to have you back. ross is out for the rest of the week. we have policemen of news. >> loads. let's give you a rundown. we'll be examining the latest data out of china. we have a senior chinese economist who will be joining us. he said there's no further rate cuts. >> judges will consider whether the german president can okay legislation governing europe's bailout fund. >> research in motion will have a meeting in ontario. how can they face tough competition. >> and warsaw wins the prize for having the worst traffic problems in europe. find out what other cities are grapplin
countries are ones that will have that burden of support. >> and that's exactly what ifo used euro crisis increasingly burdening the german economy. more reaction on that. plenty more on the hoe. we'll be in barcelona, catalina, looking to be the first to request a state rescue. >>> lg electrics, cell phone business struggles. >>> in uk, second quarter reading of gdp is expected to show economy is still in recession. we'll bring you those numbers in under half an hour. >>> at 11:30 central european time we'll head out to brussels where the eu commissioner overseeing financial services gives a press conference on the future of libor. >>> we'll speak to an israeli venture fund capitalist who says necessity are creating the best tech outside of the u.s. >>> no letup in sight for spain as yields continue to edge higher. take a look the what's happening across the curb. you can see the two-year just kissing that 7% level. still a bit below it, 6.95%. five and ten-year are vying to be on top. about 7.66%, yield for both of those. they are importantly both above what the 30-year is yielding at 7
for joining us on worldwide exchange today. happy holidays if you are in the states as well. we're just looking out for figures from the eu. services pmi numbers for the eurozone as a whole. we've had some of the broken down numbers. this is the eurozone as a whole. june services pmi came in at 47.1. 47.1. so below that sub 50 level which indicates contraction. but a bit better than had been expected. the forecast was for 46.8. came in at 47.1. also an improvement on last month when we had 46.7 was the reading. so better than expected. and an improvement on last month for the eurozone as a whole. >>> now at 1500 cet or 2:00 p.m. london time, bob diamond will appear in front of the security treasure. the question could be the role played by paul tucker. this after barclays released a memo between tucker and the ex-ceo of barclays. he's expected to mount a defense of his organization and that of his former employer. the outgoing chairman marcus aigis explained why he decided to leave just one day after his resignati resignation. >> he saw the public interest in this whole area had not red
's latest round of austerity measures. stephon joins us for more. stefan, in a way, not only the latest, but spain, there were two things that were supposed to happen. the bailout terms were supposed to be light. and it now looks with a memorandum of understanding that won't be the case. and also the eu is supposed to inject money directly into the spanish banks, and the spanish government not be responsible. and equally i guess that doesn't look like it's going to happen either. >> yes, it's going to be a built heavier than what the spanish government was planning to do. interesting timing also, russ. yesterday while the german lawmakers were voting in favor of the spanish bailout package, the spanish workers were in the street to protest against the new austerity measures. it's not the first time they are protesting against the austerity package, but it was the first demonstration organized by the two main unions of the country, the two main trade unions. in total, more than 80 demonstrations took place across the country. and it looks like the government is taking the situation very
numbers out of china which we'll recap in a few moemts. rich, thanks very much, indeed, for being with us. look, we still got german manufacturers. despite the fact that we had some moves last week on the eu sum it, i don't suppose we'll be turning around the economics any time soon? >> no, but i think you've always got to be a bit careful when there's a lot of very negative headlines going around. sometimes they can get a little bit detached from the economy. >> richard, we're also seeing some differences across the region. anything that jumps out to you that we didn't expect? >> i think probably the concern is germany. basically, the model is some of these peripheries are in real trouble. so i think german pmi down in the mid 40s is a bit of a concern. it could get quite nasty for the whole region. >> i think the thing is is whether that reflects the global slowdown, as well. >> yeah, well, maybe this reflects the fact that german manufacturers have become a little bit worried abpaying for everybody else's dinner. maybe the higher taxes or the damage from the euro zone affecting their b
'm kelly evans. these are your headlines from around the world. >>> the u.s. jobs report is front and center while they're expected to pick up the pace but it may still not be enough to make a dent in overall employment. >>> china's second rate cut in a month fails to lift asian markets, sparking fears the slowdown may be worse than feared. >>> and second-quarter profit is set to rise thanks to smartphones, but concerns on europe are still weighing on its outlook. >> and europe is not the only problem. imf chief christine lagarde warns some of the world's major developing and emerging markets are slowing. >>> okay, so, we're off to the last trading day of the week. we finished with a bang, and what a week it's already been. >> i'm going to start calling this show "anchor exchange." >> yeah. >> it's finally to be back here, the two of us hanging out, just like old times. >> it is. i like it, i like it. and do you like the uncoordinated/coordinated action yesterday that didn't get anybody going? >> that's what to me was quite amazing, that you had such action from so many global cen
of porsche much earlier than expected. >>> okay. welcome to today's program. becky's with us today. >> i am. >> neither kelly nor i were here yesterday. >> i did three hours on my own. it was great fun. i did miss you. >> i am here now and kelly is down at the house of parliament reporting on what's going on. >> second day. i've been looking at the weather forecast. it's supposed to rain all morning. >> perfect. good. we're tucked up here. she's out there. we'll get to kelly later in the show. >>> we will go to singapore. bringing details of how the powerful sovereign wealth fund is shuffling its portfolio. >> we'll get analysis from a bond expert. that's come up in under 30 minutes and the results of the debt auction will be in an hour and a half. >> i'll be interesting to see what the ten-year is. we'll give you a taste of an interview with the chairman in dubai. >> plus, we'll be joined by a guest from houston who says without further qe from the feds, economy will be close to recession by fall due to the drag in europe. >>> we discussed the state of the commercial real estate market, th
profit warnings hurt by slowing growth. >>> and citigroup kicks off a big week for u.s. corporates as the bank reports second-quarter results before the opening bell. >>> plus, it is inflation softens in june raising hopes the central bank will cut rates at the end of the month. >>> there's nothing like a reunion. >> he's back! >> i am. this is fantastic. it's good to be here. i, look, while i was away, what's going on with your guys on that side of the pond? >> the americans -- >> are they so desperate for new york to reclaim the title of lead financial center that they want to dump the bank of england, the bba, all the regulators over here over the libor? >> look, i just think we can't get new york to pay enough attention to what's going on over here. >> but is that the plan? is that, they just want to get supremacy back by dumping everybody over here in it? >> look, i'm sure people in new york, at least, in the financial industry, would love if london's reputation is hampered by everything -- >> it's tarnished. >> -- that's going on. >> we can do that on our own well. we don't n
of that they have to pay for it with massive budget use and the region is suffering because it's deeper into recession. back over to you guys. >> caroline, thanks very much for that. joining us now on set for the next hour is hugo dickson. hugo, a couple of troubling reports from our correspondents there in spain. meanwhile we're learning from the european central bank deposits in spain have fallen to their lowest level since 2008. is the country's bailout inevitable. >> some sort of bailout is inevitable. we have first bailout, bank only bailout, 100 billion agreed last week. that's not enough. we need something extra. what that extra is, it could be the full bailout of spain, put them into a proper program like portugal, ireland and greece. or it could be something more limited like bond buying by the efss, europe's bailout fund, or it could be some further help from the european central bank. but clearly on their own they can't -- they can probably make it, they can probably make it until october which is what they got, i think it's 27 billion euros of debt that they need to repay, p
Search Results 0 to 21 of about 22